Herb Allison May Head TARP Program

Herb Allison, chief of Fannie Mae, is expected to be Pres. Obama's pick to oversee the Troubled Asset Relief Program (TARP), according to a report in The Wall Street Journal.

Allison is a seasoned banking veteran, having been the former chairman of investment company TIAA-CREF and a Merrill Lynch & Co. executive. In September, he agreed to run Fannie Mae after the U.S. took over the mortgage giant along with sister firm Freddie Mac.

The Journal says the President could make the announcement to appoint Allison assistant secretary for the Office of Financial Stability some time this week. He would replace Bush appointee Neel Kashkari and would, of course, leave a leadership void at Fannie Mae.

The Journal says that if confirmed, Allison would become the point person for the TARP program, representing the administration if it requests more bailout funds for financial institutions.